India: Raipur sponge iron prices drop as trade volumes shrink

SteelMint’s benchmark sponge P-DRI (FeM 80%) prices fell by INR 100/t to INR 30,300/t, exw Raipur, on 24 Jun’21. Prices continued sinking on weak demand and decline in billet prices by INR 200/t, d-o-d.

• About 2,000 t of P-DRI deals were reported at around INR 30,200-300/t against offers at INR 30,400-30,500/t, exw and FoR Raipur. Meanwhile, a few buyers claimed that they booked at INR 30,000/t, exw. However, SteelMint could not confirm the deals before preparing this assessment.
• A few deals for DR-CLO grade sponge iron were reported at INR 32,800-33,000/t against offers at INR 33,200-33,300/t, exw.